An office building in Exeter City Centre, which had as tenants Foot Anstey and wealth management firm Prydis, has been sold for £9.36 million. The 33,362 sq ft Senate Court office building has been sold by Prydis returning £2 million to investors in the process.
“Exeter is a fast-growing city with a strong university, which continues to attract more and more new residents and businesses to the area. This transaction is brilliant news for our investors and for the local economy, delivering a win-win deal for all parties,” said Joe Priday, managing director at Prydis.
Advising on the sale was commercial property agent, Lambert Smith Hampton (LSH).
Prydis originally bought the building in April 2017 as an investment for members of its Precedence Club with planning permission secured to add an additional floor and, with advice from LSH, asset managed the leasehold interests to increase the capital value.
“This asset is now in a fantastic position for the new owner and presents a strong and reliable income generator for them,” added James Priday, managing director at Prydis Wealth.
“We congratulate them on what is a wonderful portfolio purchase. For us, this simply presented the best time to exit, as we had always envisaged this as a three-year project. We are now in the fortunate position of having achieved a 26 per cent return on our Precedence Club investors’ original investment in just 26 months; exactly what we’d forecast, but 10 months earlier than planned, so a great result all round.”
Hollie Ruddle, associate director at LSH, said: “Despite continued uncertainty in the property market, we were approached by the purchaser prior to launching the investment in the open market.
“This is testament to both the strength of the Exeter office market and the quality of the investment Prydis has managed during its ownership.
“Prydis’ in-house approach to property enabled a smooth and timely transaction for its investors.”